In 2024, Social Security beneficiaries will receive an additional COLA increase-Things to Know

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Prices have increased this year even though inflation might have decreased in 2023 compared to 2022, which might result in a cost of living increase for Social Security checks in 2019. Although it won’t be as large as the record 8.7% monthly payment rise from the previous year, it should still be sufficient to substantially change payments in January.

The cost of living adjustment for Social Security benefits is decided upon annually by the Social Security Administration. The Consumer Price Index for Urban Wage Earners and Clerical Workers’ rise in percentage from the third quarter of the earlier year to the third quarter of the present year is the basis for the COLA.

The Social Security Administration is going to raise payouts by the COLA if there is an annual CPI boost, which there has been throughout 2022. When the final inflation data for the third quarter of 2023 are revealed on October 12, we’ll know for sure how much the Social Security COLA for 2024 will be.

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